Day Traders Diary

9/18/14

U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover seven points above fair value after climbing to highs after the start of the European session. That is somewhat fitting considering Europe, and specifically Scotland, will be in focus this evening with the referendum on independence taking place at this time. Referendum results are not expected until well after today's closing bell considering regions like Dundee and Glasgow will not report their results until 3:00 AM and 5:00 AM local time, respectively.

Domestically, participants have received a handful of quarterly earnings, but the reports are not expected to have market-moving impact. On the economic front, weekly Initial Claims (Briefing.com consensus 305K) and August Housing Starts (consensus 1045K)/Building Permits (expected 1054K) will be released at 8:30 ET, while the Philadelphia Fed survey for September (consensus 23.5) will cross the wires at 10:00 ET.

Treasuries hold slim gains with the 10-yr yield down one basis point at 2.62%.

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